As long as the red trendline is not broken on the upside I don't think there is much point in looking at bullish counts, hence I have only discussed the most probable bearish count in this article. Looks like the Wave B was a double Zig Zag and the Wave C has already started as an impulse down in 5 Waves. Based on this count the most probable target for C are :...
Expecting the start of Wave 3 in the SPX, as long as the market stays above the black trendline this count should be considered valid. If the count is correct then we will soon see formation of new highs. From a trading point of view the invalidation level is at 2320. As this market progresses and confirms the count, I will update it further for possible targets.
I have changed the placing for Wave 5 as it broke upside the previously supposed turning point. The Wave 5 now positioned has also hit an important resistance level, I'm expecting a break of the lower trendline for Wave 2 formation, once the trendline break is in place we can then look for the possible targets for Wave 2 down.
Crude seems to have given a clear 5 Wave up move from the 47 low, it seems that it is in a corrective phase now and is most possibly moving as an Irregular Flat Correction. If it is actually progressing as an Irregular Flat then it is very likely that it will give a false breakout of the most recent high and form an Unorthodox top, it seems to me that it can go...
In my last article I discussed the 2 possibilities or the Wave counts that can take place. The last article suggested that either the Wave 2 in Gold was completed at 1240 and it has started the Wave 3 and is in Wave 2 of Wave 3. The second probability was that it was in a Flat correction. Situation Now : Gold has attained the first suggested target that is...
In this article I have discussed the 2 possibilities that can play out in Gold (XAU USD). The market is either moving as a Flat in the Wave C (Consider the Count in BLUE) OR It has already completed the Wave 2 correction as a double Zig Zag and is currently in the Wave 2 of the 3rd (Consider the count in RED ), in both cases it looks that we should see the...
From the low of 47 it seems that the Oil market has reversed, atleast for the short term. As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable. Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term. If this market goes below the black...
It looks like that till now the correction has been an Double Zig Zag type of move, perfectly moving within the channel. Noteworthy point : Wave A = Wave C in both the Zig Zags. The 50-60 region is near 1250 to 1253, generally if the market takes support above this level it should atleast testing the most recent high near 1260. As long as this market remains...
In my previous forecast I was expecting that the market will turn around 1260 region which is exactly what happened. It seems that the market is now going down in a corrective structure and should face support near the 1235 to 1220 region. I might have to make some changes to my previous counts, but that is all some technical stuff, the market is basically...
In the last update on Crude I discussed the possibility that a bottom might be forming, since then the market gave the 5th leg down and now to me it seems like the bottom has formed. I'm already long in this market and the SL is below the recent swing low. As this is the starting of a 3rd Wave hence I expect strong movements from here on. If this market moves as...
In my previous posts I looked at both the bullish as well as the bearish possibility and pointed out that if the market takes support over the 1244 mark then that would increase the possibility that the bullish count will play out. As of now the market has clearly taken support over the 1244 mark and hence I believe that the current leg up from 1194 was the Wave...
In my last report when SPX was trading around 2370 I pointed out the possibility that only small upside till 2390 remains, after that SPX made a high near the 2400 region and then has been in a Zig Zag type of correction. At this point it seems that SPX is in Wave C of the Zig Zag and within Wave C it seems to just have completed the Wave 3, which means that I...
In the last article I talked about the bearish count which is my main count, but looking at this very impulsive move we must consider the alternate scenario and hence I'm writing this article. As per the presented count I have considered that the Wave 2 progressed as a Running Flat type of correction and ended around 1195. Course of Action : If the market...
In this article I will be discussing my Main Elliott Wave Count for the Gold Market. It seems that we are in corrective Wave 2 and within this Wave 2 we are just about to complete Wave B. We should look for reversal near the 1240 region and and if a reversal occurs as I expect it to then the market should turn around and achieve levels uptill 1176. SL can be...
As per the given chart it seems that the correction is complete as the 5 Wave leg down seems to be very precise. Also note the red zone that I have drawn represents the most probable support zone for the fall and the market has taken support just above it. It is possible that the 5 th Wave of this Wave C correction might take it a little lower, in that case the...
After completing a double Zig Zag type of correction (discussed in my previous post) Gold now seems to be going up in an impulse, however the currently it seems to be in Wave 2 which looks like a Zig Zag indicating that prices can head lower from 12000 to 1175 region. This is the main count as of now and the leg one seems to be a Leading Diagonal, other counts...
In the previous post I discussed how both the main and the alternate counts were referring to the same fact that a rally in Gold was possible. Here I have discussed the same count on hourly time frame and it seems that we are in the 3rd or the 3rd of the 3rd as per this count. I have given the hypothetical wave progression along with the Invalidation mark which...
Previously I published a report in which I specified that SPX should achieve a level of atleast 2370 which was achieved on 24th Feb 2017 and hence I will be looking at the current wave progression and the future targets for the SPX using Elliott Wave. From the count it seems that SPX is currently in the Wave 3rd of the 3rd which is either complete or will get...